The smart hospitality market is expected to grow from USD 5.74 billion in 2016 to USD 18.11 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.8%, due to the need of Internet of Things (IoT) technology for better hotel operation management, security, energy management in hotel, and hospitality services. The restraints of the smart hospitality market include high initial cost of deployment & capacity, integration complexities over legacy systems & network, and limited availability of technically skilled personnel.
The guest service management system is expected to grow at the highest CAGR during the forecast period. The growing demand for automated real-time optimized guest services and rise of demographic growth & hyper-urbanization are estimated to drive the adoption of smart hospitality solutions across various hotel types. In addition, room automation and control systems provide guests the convenience of controlling multiple functions in their room, such as temperature, drapes, lightning, and audio/video systems using automated interfaces. The solution helps hoteliers track all the data and interaction with a customer during their visit.
On the basis of services, the managed services segment is expected to grow at the highest CAGR during the forecast period. Managed services support the implementation of smart hospitality solutions across hotels.
With regards to the geographic analysis, Europe is expected to benefit from its technological advancements, large number of smart devices, strong tourism activities, high usage of big data analytics, and predictive & sensor analytics across the hospitality industry.
Cisco Systems, Inc.
Honeywell International, Inc.
Huawei Technologies Co. Ltd
Mitel Networks Corporation
Schneider Electric Se
Winhotel Solution S.L.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Smart Hospitality Market Analysis, By Type
8 Smart Hospitality Market Analysis, By Hotel Type
9 Smart Hospitality Market Analysis, By Deployment Model
10 Smart Hospitality Market Analysis, By Region
11 Competitive Landscape
12 Company Profiles
13 Key Innovators